Delhivery Ltd.'s net losses widened year-on-year in the fourth quarter due to a 10% fall in sales and weakness in the cross-border services business.
The logistic company's consolidated net loss stood at Rs 159 crore in the quarter ended March, as against a Rs 120-crore loss over the same period last year, according to its exchange filing. That compares with a consensus estimate of Rs 174 crore loss by Bloomberg.
Delhivery Q4 FY23 Highlights (YoY)
Revenue fell 10% to Rs 1,860 crore, against an estimate of Rs 1,960 crore.
Ebitda fell 79% to Rs 13.4 crore, against the forecast of Rs 42 crore loss.
Ebitda margin stood at 0.7% vs 3.1% last year.
The cross-border services business was weak despite robust volume due to failing global yields in both air and ocean freight, and volume impact of the Chinese new year holidays, the company said in a release.
The company said its adjusted Ebitda turned positive to Rs 6 crore in the quarter, as compared with a Rs 67 crore loss in the same period last year.
It calculates adjusted operating income by adding back to the company's net profit any non-recurring expenses, any non-cash expenses, depreciation and amortisation, finance costs, tax as well as adjusting for any IndAS 116-related adjustments to lease rentals.
“Critical leading indicators like service precision, network speed and delivery quality parameters are at all-time high levels and are driving greater customer confidence and share of wallet growth," Sahil Barua, managing director and chief executive officer at Delhivery, said in a statement.
The company has aggressive infrastructure and capability expansion plans in place and is confident that the strong start in April and first half of May will continue through the year, he said.
Shares of Delhivery closed 1.8% lower before the results were announced, compared with a 0.4% rise in the Nifty 50.
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